WTI oil dips below $42, lowest since August 2016 as OPEC+ fail to agree production cuts

Oil prices have hit new lows with WTI hitting $41.92 at the time of writing, the lowest since August 2016 – three and a half years ago. 

Russia has reportedly refused to deepen the output cuts that the group of OPEC and non-OPEC countries agreed to. Saudi Arabia wanted a deeper curtail of production. 

The meeting comes in the wake of the coronavirus crisis. Airlines have slashed flights, and quarantined people drive less. Moreover, the global economy is set to suffer. 

The Canadian dollar has also been hit by this development.